U.S. President Barack Obama gestures while speaking during day three of the Democratic National Convention (DNC) in Charlotte, North Carolina, U.S., on Thursday, Sept. 6, 2012. President Barack Obama's prime-time nomination acceptance speech tonight at the DNC is aimed at convincing voters that a slow economic recovery will accelerate if they give him a second term. Photographer: Daniel Acker/Bloomberg *** Local Caption *** Barack Obama

"I'll use the money we're no longer spending on war to pay down our debt and put more people back to work - rebuilding roads and bridges, schools and runways. After two wars that have cost us thousands of lives and over a trillion dollars, it's time to do some nation-building right here at home."

The facts

The idea of taking war savings to pay for other programs is budgetary sleight of hand, given that the wars were paid for with increased debt. Obama can essentially "pay down our debt," as he said, by borrowing less now that wars are ending. But he still must borrow to do the extra "nation-building" he envisions.

Obama

"We will reform and strengthen Medicare for the long haul, but we'll do it by reducing the cost of health care, not by asking seniors to pay thousands of dollars more."

The facts

Some of the proposals the Obama administration has floated in budget negotiations with Congress would ask Medicare beneficiaries to pay more. Among them: revamping co-payments and deductibles in ways that could raise costs for retirees and increasing premiums for certain beneficiaries.

Obama

"We can help big factories and small businesses double their exports, and if we choose this path, we can create a million new manufacturing jobs in the next four years."

The facts

Obama has claimed an increase of 500,000 manufacturing jobs over the past 29 months. But this is cherry picking by the president. From the beginning of Obama's term 3 1/2 years ago, manufacturing jobs have declined by more than 500,000, according to the Labor Department's Bureau of Labor Statistics. Manufacturing jobs have been on a steady decline for nearly two decades.

Obama's new $4 trillion target over 10 years resets the goalposts with some fancy budget footwork. For one thing, it includes $1 trillion in cuts already signed into law. And it assumes that Congress will pass the administration's plan to raise the capital gains tax, boost taxes on households earning over $250,000 a year and impose a minimum 30 percent tax on incomes above $1 million. It also assumes a reduction in the amount of interest the government must pay on its debt.